Singapore vs BVI: Where to incorporate your company?
Singapore 
Updated on January 22 
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- 1. Comparison of trading benefits: Singapore or offshore countries (BVI, Seychelles, Belize)?
- 2. Comparison of company formation factor: Singapore or offshore countries?
- 3. How can we help you open a company in Singapore or in BVI/Belize/Seychelles?
- 4. FAQs about company formation in Singapore and in BVI/Seychelles/Belize
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Countries like Singapore and offshore jurisdictions offer some of the world's best tax incentives, making them attractive destinations for investors looking to start companies and expand their markets. In particular, their low corporate tax rates create favorable conditions for small and medium-sized enterprises (SMEs) to compete internationally.
The key question today is no longer whether to invest and set up a company abroad, but rather which country to choose. Should you open a company in BVI or is Singapore the better option?
In this article, GLA provides valuable insights to help businesses decide between setting up an offshore company or a company in Singapore. This information will allow you to evaluate your options and choose the best investment approach for your business goals.
1. Comparison of trading benefits: Singapore or offshore countries (BVI, Seychelles, Belize)?
| Factor | Offshore (BVI, Belize, Seychelles, etc.) | Singapore |
| Define | Offshore companies, also known as International Business Companies (IBCs), are formed for international business. Their activities take place outside the country where they are registered. Among the countries that allow offshore company registration, below are 3 countries that are especially favored by investors as destinations to develop their business, specifically:
| N/A |
| Geographical location | BVI: Is a British Virgin Islands. | Southeast Asia. |
| Belize: Located in the center of the American continent. | ||
| Seychelles: Is an archipelago located in the Indian Ocean. | ||
| Trade benefits | BVI: Is a country with stable politics, with transparent and flexible legal policies. | Well-developed sea and air transport networks for international commerce. |
| Belize: The only place in the world that has the CARICOM common market, the Free Trade Area of the Americas (“FTAA”), the European Economic Community (“EEC”). In addition, Belize is also an important diplomatic partner of Taiwan. | ||
| Seychelles: As a country with an open policy to encourage foreign investment, Seychelles is also the 161st member of the WTO, a member of COMESA, the Indian Ocean Commission (The Indian Ocean Commission (“IOC”)), etc. |
2. Comparison of company formation factor: Singapore or offshore countries?
To help you clearly understand the differences, benefits, and drawbacks of setting up a company in Singapore versus an Offshore company, we crate a comparison table below:
| Factor | Offshore (BVI, Belize, Seychelles, etc.) | Singapore |
| Singapore company type | The company will receive GLA's support in consulting on private enterprise types when registering to establish a company in Offshore countries. For the Offshore company type, the company will enjoy the following benefits:
| When a company wants to expand its business operations in Singapore, it can choose from the following 3 types of businesses:
Among them, establishing a subsidiary in the form of a private limited liability company (PTE. LTD.) is the type chosen by many companies when investing in the Singapore market. This type is considered flexible, has the ability to expand in scale and take full advantage of government incentives for companies. |
| Incorporation process | Fast, simple. Đặc biệt: The company does not need to be physically present in Offshore countries during the company formation process. At the same time, to prepare for the plan to establish an Offshore company, the Company can update the latest information through the following article source of GLA. | Fast, simple. Special: The company does not need to be physically present in Singapore during the company formation process. But first, the Company needs to learn about the process of establishing a Singapore company and the work that needs to be done when opening a company here: |
| Founded time | 2 - 3 working weeks | 2 - 3 working days |
| Corporate income tax | 0% tax on annual profits to attract global investors | Standard corporate tax: 17%
The tax system in Singapore will change periodically and this requires companies to update promptly to optimize profits. Therefore, update your tax knowledge now with outstanding contents such as: Note: Singapore company tax incentives for the first three years after incorporation may vary from financial year to financial year. |
| Time to open a bank account | Special: When you choose us to help you open an offshore company, GLA will advise and support you in opening a corporate bank account in Singapore. Opening a bank account in Singapore for an offshore company is a difficult step, requiring the consultant to be experienced, have a good understanding of the procedures in Singapore and have a deep understanding of the company's operations to ensure that the documents and certificates are provided appropriately and in compliance with regulations. The process for offshore companies takes longer compared to local Singapore companies. The process for offshore companies takes longer compared to local Singapore companies. However, GLA has a 98% success rate in opening bank accounts for offshore companies. To achieve this, GLA carefully reviews your information before submitting your application. We also assess your chances of success in advance, so you know what to expect. If your offshore company cannot open a bank account in Singapore—due to strict banking rules or missing documents such as contracts and invoices—GLA will offer alternative solutions. We can assist in setting up online payment accounts in Hong Kong or the US, | Asian financial center. Only 14-22 working days to own a business account in Singapore. Account holders must be physically present at a Singapore bank to complete the process. |
3. How can we help you open a company in Singapore or in BVI/Belize/Seychelles?
With over 10 years of experience helping businesses set up foreign companies in Singapore, BVI, Seychelles, Belize, and more, GLA offers the following services:
- Suggest the best company structure based on business goals (Offshore or PTE. LTD. in Singapore).
- Help you prepare and submit the company registration documents to authorities
- Assist with opening bank accounts in Singapore or other countries aligned with business strategies.
- Help your company take advantage of tax incentives in Singapore or Offshore locations.
- Ensure your company complies with local laws and regulations.
- Post-Incorporation Services: Including accounting, financial reporting, and efficient company management
4. FAQs about company formation in Singapore and in BVI/Seychelles/Belize
What is an Offshore Company?
An Offshore Company (IBC) is a company incorporated in offshore countries like BVI, Belize, Seychelles to conduct international business, with operations taking place outside the country of registration.
Why should you choose to form an Offshore company?
Offshore companies offer benefits such as tax exemptions, confidentiality of information, no restrictions on shareholders or currencies, and straightforward setup process.
What are the advantages of registering a company in Singapore?
Singapore has a transparent legal system, tax incentives for new businesses, a favorable geographical location, and is an Asian financial center.
Can I open a Singapore bank account for my Offshore company?
It is possible, but the process is more complex and requires professional consulting support. You can contact GLA today for detailed assistance and advice.
How is corporate income tax different in Singapore and Offshore?
Offshore companies are typically exempt from corporate income tax, whereas Singapore has a 17% corporate tax rate. However, Singapore offers special tax incentives for new businesses during their first 3 years to reduce their tax burden.
Do I need to go to Singapore/Offshore to register my company?
You do not need to be physically present; the formation process can be completed remotely with the help of a trusted consulting firm like GLA. Contact GLA for detailed support and advice when setting up a company in Singapore or Offshore.
How does GLA help you set up your companies abroad?
We offer a one-stop formation service from s consulting on selecting business types, registration procedures, opening bank accounts, tax optimization, and post-establishment services.
Highlights- Offshore companies offer tax exemptions and information security, while Singapore provides a transparent legal system, international business environment, and attractive tax incentives for new businesses.
- Both options allow remote registration with no need for the company to be present; the process takes about 2-3 weeks.
- Offshore companies can open accounts in Singapore with expert support, but the process is more complex and time-consuming compared to Singapore companies.
- Offshore companies enjoy 0% corporate tax, while Singapore has a 17% tax rate with special incentives for the first 3 years for new businesses.
- Singapore is famous for its strategic location, easy transportation and ease of company formation and management for foreigners. You need a registered agent to form your company in Singapore if you are a foreigner.
This article was published by GLA on 03/12/2020. Copyright and accompanying content are intellectual property of GLA. All rights reserved.
The guidance and content are for general information only and are not intended to provide specific guidance and advice on accounting, tax, legal or other professional advice. Readers should consult professional advisors on specific issues.
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